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Britain's BG Group renews offer for Origin

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Associated Press Melbourne

BG Grup's hosile takover attempt follows a bid last month that was initially endorsed by Origin's board, but later rejected after a separate deal in the industry caused Origin executives to rethink the company's value.     

BG Group said in a filing today with the Australian Securities Exchange that it is offering $15.5 per share for Origin, for a total of $3 billion,the same it offered in May. The company initialy offere USD 14.70 a Share in April.     

 

BG Group said the offer represented a 48 per cent cash premium on Origin's closing price of $10.47 on April 29, just before it announced its first offer.     

"Recent transactions, analyzed on a comparable basis, confirm that BG Group's offer provides full value to Origin's shareholders," Chief Executive Frank Chapman said.     

"It doesn't need an increase in price

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First Published: Jun 24 2008 | 3:18 PM IST

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